COVID-19 has affected everyone in different ways, including the rental property management industry. The focus has shifted from revenue and portfolio growth to improvement of current procedures and tools. The rental property management industry is not disappearing. It has survived many economic downturns, natural disasters, and other catastrophic events. Instead, Rental Property Managers are modifying their current tools to include additional technology such as online tenant forms, email-based renter communication, virtual meetings and showings, online payment collection, and digital contracts/signatures.
Here is some insight on how COVID-19 has affected the rental property management industry, and where it is currently heading.
The Impact
The uncertainty of the pandemic caused a panic for many renters. People were losing their jobs and were unsure of how they were going to cover their monthly costs, including rent. The BC government stepped in by offering a temporary standstill on evictions and rent increases, they introduced the BC Temporary Rental Supplement (BC-TRS) Program, created payment plans for individuals who were not able to pay their monthly rent in full, and implemented strict building regulations. These building regulations included mandatory masks, the closing of common areas and amenities, and reduction of the of the number of people allowed at in-person showings and meetings. The ever-changing regulations forced Rental Property Managers and companies to quickly adapt, and led to an income backlog for some rental property owners. Several Rental Property Managers found new ways to serve investors, rental property owners, and tenants by utilizing new/additional technology.
The Future
The future may seem unpredictable for renters and investors, but a good Rental Property Manager can reduce stress and provide guidance. An experienced property management company like CENTURY 21 Prudential Estates (RMD) Ltd. can help protect your investment, ensure quality tenants, and help you navigate the ever-changing Real Estate Market in Vancouver.
How Property Management Can Assist During COVID-19
- Provide recommendations for your COVID-19 safety plan
- Ensure safety in common areas
- Assist and arrange showings and help reduce vacancy rates
- Prioritize repairs and maintenance
- Review eviction policies and procedures
- Communicate with tenants
- Assist with improving or implementing online marketing presence
- Incorporate software and/or technology to improve efficiencies and/or procedures
Enjoy a seamless experience with CENTURY 21 Prudential Estates (RMD) Ltd. Our team will give you peace of mind, find quality tenants, and provide professional service. For more information, review our Rental Property Management Overview, view our current rental properties, or contact our office at (604) 278-2121 to speak with a Rental Property Manager.
